forex

Technical Analysis – EURNZD runs towards 200-SMA at 1.6800

Posted on July 26, 2019 at 8:55 am GMT

EURNZD is extending gains after the rebound on the 1.6525 support area, heading towards the 200-simple moving average (SMA), which overlaps with the 1.6800 psychological mark. The RSI is pointing marginally upwards, approaching the 50 level, while the stochastic is moving near the overbought area. Should the price close comfortably above the 200-day SMA, immediate resistance would come from the 38.2% Fibonacci mark of the downleg from 1.7925 to 1.6285 near 1.6915. If there is a jump above this level, [..]

Technical Analysis – USDCAD gains some ground; still negative in medium-term

Posted on July 26, 2019 at 6:08 am GMT

USDCAD found some footing around the nine-month low of 1.3015 last week and completed the fifth consecutive green day. Currently, the pair is approaching the 40-simple moving average (SMA), experiencing some gains above the 1.3145 barrier. The stochastic oscillator seems to be strengthening momentum above the 80 level, while the RSI is standing above the 50 level with weaker movement than before, signaling a more cautious trading in the short term. The 40-day SMA at 1.3182 could act as immediate resistance for the bulls. Breaking [..]

Technical Analysis – CADJPY loses ground below descending line

Posted on July 25, 2019 at 12:54 pm GMT

CADJPY has been moving within the 61.8% Fibonacci retracement level of the downward wave from 89.25 to 76.60 near 84.40 and the 23.6% Fibo of 79.65 after the bounce off the two-year low of 76.60 on January 3. In the medium-term, the pair has been remainED below a descending line, suggesting a somewhat bearish structure. Technically, the RSI is flattening near the neutral threshold of 50, while the MACD is edging lower below the trigger line. A step lower [..]

Technical Analysis – NZDUSD continues selling interest; next support at uptrend line

Posted on July 25, 2019 at 11:31 am GMT

NZDUSD is on course for weekly losses, dropping into the Ichimoku cloud and creating a ten-day low around 0.6685. The RSI in the 4-hour chart continues to drop in the bearish area, while the red Tenkan-sen keeps moving below the blue Kijun-sen line, increasing chances for a meaningful selling interest in the short-term trading. Also, the stochastic oscillator entered the oversold zone and is still heading lower. Should the price edges down, the 38.2% Fibonacci retracement level of the upleg from 0.6487 to 0.6790 near [..]

Technical Analysis – USDJPY bulls look exhausted near short-term SMAs; narrow range holds

Posted on July 25, 2019 at 6:16 am GMT

USDJPY is holding around the 23.6% Fibonacci retracement level of the downleg from 112.40 to 106.77 near 108.10 and the expected bullish crossover within the 20- and 40-simple moving averages (SMAs) in the daily timeframe. Currently, the price has been developing within a narrow range of 107.05 – 109.00 over the last two months and the Bollinger Bands are squeezing, approaching the market price. Looking at the momentum indicators, the RSI is marginally falling below the 50 level, while the stochastic oscillator has [..]

Technical Analysis – GBPNOK jumps above downtrend line; unable to break 23.6% Fibo level

Posted on July 24, 2019 at 2:24 pm GMT

GBPNOK rallied up during the previous week from the nine-and-a half-month low of 10.5915, breaking above the downtrend line to pause at the 23.6% Fibonacci retracement level of the downleg move from 11.5127 to 10.5915, of 10.81. The Kijun-sen line has flattened, as well as the momentum indicators of the MACD and the RSI in the daily timeframe. The MACD stands above the trigger line, while the RSI holds near 50-neutral level. To the upside, an initial push above the 23.6% [..]

Technical Analysis – EURCHF creates fresh 2-year low; bears have the upper hand

Posted on July 24, 2019 at 1:00 pm GMT

EURCHF has been creating an aggressive downward rally over the last four days, posting a fresh two-year low around 1.0970. Also, the price has broken the long-term sideways channel, indicating sharper negative structure. The bearish move is confirmed by the technical indicators in the daily timeframe. The RSI is holding in the oversold territory and is pointing south, while the MACD is stretching its downside movement below trigger line. Should weakness extend below the two-year low, support to further declines [..]

Technical Analysis – GBPCAD 2-month tumble moves sideways before direction unveiled

Posted on July 24, 2019 at 8:43 am GMT

GBPCADs prevailing downtrend came to a halt on July 16, as price printed a morning star pattern. Potential reversal also is implied from the candles after the pattern, indicating uncertainty to the direction. Concurring we can see that the Tenkan-sen average has moved horizontally. As momentum evaporates the MACD moves above the red trigger line in the negative zone, with the RSI above 30 level becoming slightly flat. The ADX still indicates a strong trend. The 50-, 100- and 200-day [..]

Technical Analysis – AUDUSD extends downside below 20-day SMA

Posted on July 24, 2019 at 8:40 am GMT

AUDUSD drifted lower after hitting a three-month high of 0.7081, slightly above the 50% Fibonacci level of the steep downleg from 0.7392 to 0.6745. The bearish move has driven the price back into the Ichimoku cloud and below the 20-day simple moving average (SMA), increasing speculation that the softness may stay in place in the short-term. Meanwhile in momentum indicators, the signals are neutral-to-negative as the RSI is exiting the bullish territory, while the MACD seems to be losing ground [..]

Technical Analysis – EURJPY plummets to new 6-month low; bearish profile

Posted on July 24, 2019 at 6:31 am GMT

EURJPY is looking strongly bearish in the short-term after plunging towards a new six-month low earlier today, continuing its selling interest from April 15’s peak of 126.80. Prices dropped below the significant 120.75 barrier and the technical indicators are all pointing to further negative momentum. The RSI is heading downwards, approaching the oversold zone, while the MACD extends its bearish momentum below trigger and zero lines. Should the pair make another run lower, it is likely to meet support at [..]

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